396 TIMBER BONDS 



AMOUNT AND VALUE OF TIMBER. 



The property has been carefully and conservatively 

 cruised by Mr. J. P. Brayton, of Chicago, a copy of whose 

 report is on file in our office and may be seen at any time. 

 Mr. Brayton summarizes his report and valuation of the 

 property as follows: 



J. P. Brayton, Timber Lands, 204 Dearborn Street, Chicago. 



July 28, 1909. 

 Messrs. McCoy & Company, 

 181 La Salle Street, 



Chicago, Illinois. 

 Gentlemen: 



In handing you my detailed report and cruise of the B. 

 & S. Heinemann Timber Company lands, I desire to state 

 that I found practically all accessible to railroads and 

 spurs thereon, entailing very short haulage. Both the 

 Chicago, Milwaukee & St. Paul and the Chicago & North- 

 western railroads have installed very adequate facilities 

 for inexpensive logging of this timber. There is also a 

 large proportion of the timber tributary to driving streams 

 which run through the properties. 



Nearly all of the timber examined is located on level 

 and slightly rolling land, and the property is so grouped 

 that logging operations are easily contracted at a nominal 

 cost. 



I summarize the value of the property as follows: 

 207,458,000 feet of good merchantable timber at 



$4.00 per M $ 829,832 



Two mill plants, with railroad facilities 150,000 



30,000 acres of land in fee, at $5.00 per acre 150,000 



In addition to the above, there are 35.000 cords of 

 hemlock bark on the property, which at the 



present market value is worth at least 70.000 



80,595 cords of pulp wood at 50c per cord 40,297 



45,000 cedar poles at 25c per piece 11,250 



$1,251,379 

 Besides, cedar posts and cord wood in large quantities. 

 In my opinion, the security is ample for a loan or bond 

 issue of $400,000. 



Yours very truly, 



(Signed) J. P. BRAYTON. 



SINKING FUND. 

 The mortgage, under careful restrictions, requires a de- 

 posit in advance with the trustees of $4 for each one thou- 

 sand feet of timber to be cut, this deposit to be made on 



